In recent decades, economic history has, in effect, been split between
two main domains of research: the "classical" economic history and the
"new" economic history, or cliometrics. The two disciplines differ not
only in their approaches and methodologies, but also in results of
their research. Scholars of the former, by the virtue of their
historical training, tend to focus not only on pure figures and
statistics, but also on historical implications of economic trends and
phenomena. The latter, on the other hand, tend to confine themselves
to theoretical framework, deriving mostly from econometric models and
approaches: which often results in a disconnection from the historical
context of study subjects. Martha Howell's recent book is an excellent
example of the classical vision of economic history. One finds neither
regressions nor models throughout the study; instead, there is an
engaging narrative, reflecting the attitude of the author towards the
subject of her study. It is impossible to understand how the urban
economy of late-medieval and early modern "pre-Capitalist" society
worked, without understanding how its seminal concepts were
perceived. In effect, this study shows an intriguing attempt to
reflect the enormously eclectic nature of economic history: it sneaks
into the domains of social, legal, mental, religious and occasionally
even philological history, each serving the author's aim and the
book's purpose.

Each chapter deals with different, although often interconnected,
aspects of the commercial society of urban centre in Northern Europe,
chiefly Ghent and Douai. Chapter 1 treats the legal attitude of the
contemporaries to exchangeable goods and property rights of their
holders. Chapter 2 argues for the connection between the
commercializing society and conjugal unions; the latter were formed
not only out of pure romantic relationships, but out of economic
dictums of the zeitgeist. Chapter 3 deals with the concept and
custom of giving, chiefly gift-giving. This chapter is strongly based
on a vast number of hitherto unpublished archival materials which
enabled Howell to reconstruct an intriguing picture of this ritual.
Chapter 4 is concerned with the practices of "sumptuous" or
"excessive" dressing, and the legislative reaction against these
practices. Contrary to the prevailing view, Howell contends that the
luxurious dressing accounted for the growing concern of the
contemporary elites to assure their deserved socio-economic status and
prestige within their communities, which was prone to social mobility.
Chapter 5 delves into the moral world of the contemporaries, in
conjunction with the perception of trade, which must have undergone
changes, in light of the commercialization of the society. Apart from
sermons and legal treatises, Howell provides a number of examples
taken from visual representation of trade and its associations.
Overall, she contends, the vocation of trade tended to become more and
more respected and accepted in the period under study, especially
towards its end.

While some more theory- or econometrics-oriented scholars would
undoubtedly find this work belongs outside of what they believe the
domain of economic history should be, many economic and social
historians, myself included, will assess it as an important
contribution to the subject. While some of Howell's views and
interpretations can, perhaps, be debated and challenged (thus, her
idea that the examples of one or two Flemish towns reflect what "was
happening, or would happen elsewhere in Europe" [p. 4]; the contention
that the period under study should be regarded as "pre-Capitalist,"
rather than a "Capitalist" period), there is no doubt that overall,
the author succeeded in touching upon some crucial, and at times
understudied, issues related to late-medieval and early modern
commercializing society in Northern Europe. And above all, it proves
that in order to understand certain (and quite complicated) aspects of
economic history, it is much more important to understand what these
aspects meant to the contemporaries, rather than to economists
of our generation. To achieve that goal, it is vital to divert from
theories and models, and focus on humans. And the present monograph
did that just fine.